The Nigerian government has finally unlocked the Cabotage Vessel Financing Fund (CVFF), ending over 20 years of delays. Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to begin the disbursement process immediately.
The CVFF, created in 2003 under the Coastal and Inland Shipping (Cabotage) Act, was designed to help Nigerian shipping companies finance vessel purchases. However, previous administrations left it untouched. Now, the ministry plans to reposition Nigeria’s indigenous shipping industry with structured and transparent funding.
“This is more than releasing money,” Oyetola said. “We’re correcting years of inaction and writing a new chapter in our maritime history.”
Up to $25M Available for Local Shipping Companies
NIMASA has already issued a Marine Notice. It invites qualified Nigerian companies to apply for funding. Each applicant could receive up to $25 million at competitive interest rates to acquire vessels that meet global safety standards.
The fund will flow through carefully selected Primary Lending Institutions (PLIs), which will manage the disbursement professionally and efficiently.
“We’re not just funding ships,” Oyetola added. “We’re building a future where Nigerian companies compete globally. This marks a turning point for local content, economic strength, and maritime independence.”
Positive Ripple Effect Expected Across the Economy
Stakeholders have praised the move, calling it a historic step forward. Experts believe this decision will expand Nigeria’s shipping fleet and reduce reliance on foreign vessels. It will also create jobs, support local shipbuilding, and stop capital from flowing overseas.
According to Oyetola, the initiative aligns with a clear national vision.
“A strong local fleet isn’t just a point of pride,” he explained. “It’s a national asset. By investing in our maritime sector, we’re creating jobs, strengthening the economy, and redefining Nigeria’s global role.”
